Markets
1,661 active markets across 14 chains · $5.07B active loans · $290.23M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-11
Top 10 markets by active loans
Bars colored by collateral asset class · hover for utilization.
Utilization × borrow APY
Each dot a market. Bubble size = supply USD, color = collateral asset class. APY clamped at 100% (degenerate IRMs excluded).
LLTV distribution
Supply-USD-weighted. Where Morpho's risk concentrates. Bars colored by the bracket's dominant collateral class.
Market directory: 2,151 matches
Click a header to sort, a row to copy its unique key. Supply/Borrow APY clamped at 100% (degenerate IRMs show "N/A").
| Chain· | Loan· | Collateral· | LLTV· | Supply↓ | Active Loans· | Util· | Supply APY· | Borrow APY· | Borrow Int.· | Age· |
|---|---|---|---|---|---|---|---|---|---|---|
| Polygon | USDC | vSASNYKKNICKS | 77% | $30 | $0 | 0.0% | 0.00% | 0.26% | N/A | 94d |
| Polygon | USDC | vSASNYKSPURS | 77% | $30 | $0 | 0.0% | 0.00% | 0.26% | N/A | 94d |
| Polygon | USDC | 77% | $29.87 | $4.94 | 16.5% | 0.01% | 0.04% | $0 | 271d | |
| Polygon | USDC | 77% | $29.79 | $9.8 | 32.9% | 0.02% | 0.05% | $0.01 | 276d | |
| Ethereum | USDC | PT-mAPOLLO-29JAN2026 | 86% | $29.18 | $29.18 | 100.0% | N/A | N/A | N/A | 287d |
| Ethereum | USDT | WETH | 86% | $29.14 | $7.72 | 26.5% | 0.01% | 0.05% | $0 | 953d |
| Unichain | USDC | wstETH | 86% | $29.14 | $1.17 | 4.0% | 0.00% | 0.03% | $0 | 477d |
| Ethereum | USDe | PT-USDe-25SEP2025 | 92% | $29.11 | $0.02 | 0.1% | 0.01% | 12.78% | $0 | 477d |
| HyperEVM | USH | BUDDY | 39% | $28.38 | $0 | 0.0% | 0.00% | 0.03% | $0 | 408d |
| Monad | USDT0 | wsrUSD | 86% | $28.32 | $28.32 | 100.0% | 23.16% | 23.16% | $6.56 | 282d |
| Polygon | USDC | 77% | $27.41 | $3.71 | 13.5% | 0.00% | 0.04% | $0 | 271d | |
| Ethereum | USDC | AA_GauntletTestUSDC | 77% | $27.27 | $6.35 | 23.3% | 0.01% | 0.04% | $0 | 408d |
| Ethereum | PYUSD | PT-sUSDE-7MAY2026 | 92% | $27.12 | $0.94 | 3.5% | 0.44% | 13.58% | $0.13 | 183d |
| Arbitrum | USDC | PT-sUSDai-19FEB2026 | 86% | $27.12 | $0.43 | 1.6% | 0.83% | 67.83% | $0.29 | 293d |
| Arbitrum | USDT0 | PT-syrupUSDC-29JAN2026 | 92% | $26.36 | $26.35 | 100.0% | N/A | N/A | N/A | 261d |
Morpho markets are isolated lending positions: one loan asset, one collateral asset, one fixed LLTV, one IRM. Each market is independent. No shared liquidity, no cross-market contagion. Supply USD is what lenders have deposited; Active Loans is what borrowers have drawn. Utilization is loans ÷ supply. LLTV is the maximum loan-to-value at which a position can be opened without liquidation risk. Borrow interest = active loans × borrow APY (clamped at 100%).
Supply/borrow APY ≥ 100% are saturated-utilization IRM blow-ups (BONDUSD/USR, K/USDC on Arbitrum, the HERMES family on Base). Those rows show ". " and are excluded from weighted KPIs, the histogram and the scatter. Bad debt is Morpho's stored unrealized figure.
Datum Labs. (2026). Morpho Research Terminal: Market directory. Retrieved September 11, 2026 from /markets.